Currencies Subdued At End Of Trading Week

• 2 Oct 2020

USD/JPY

The USD/JPY pair continues to trade horizontally with small-bodied candles indicating a lack of conviction from both buyers and sellers. The current trading range between the 104.67 and 106.05 price levels will likely remain intact for the near-term. Momentum indicators have flattened in neutral/bearish territory.  

 

 

 

 

 

EUR/USD

The Eurodollar has returned to the previous trading range between the 1.172 and 1.192 price levels. However, sellers remain active in the pair which has not yet cleared the floor of the trading range. Bullish momentum remains subdued. Momentum indicators have flattened in neutral/bullish territory. 

 

 

 

 

 

GBP/USD

GBP/USD buyers have come under pressure, mid-range, as selling pressure begins to rise. A resistance level exists at the 1.311 price area which represents a previous support area. Currently, buyers have the ascending trendline in sight. Momentum indicators have begun upward trajectories.  

 

 

 

 

 

USD/CHF

The USD/CHF rally has suffered a pullback as sellers returned. Yet the pair has stalled at the 0.918 support level as bearish momentum begins to wane. The pair may continue to move sideways until new fundamentals present themselves. Momentum indicators have flattened in bullish territory. 

 

 

 

 

 

USD/CAD

The USD/CAD pair is now moving away from the 1.343 resistance area and heading back towards the 1.322 support area. However, the move appears to be more horizontal, lacking defined bearish momentum. Momentum indicators have begun downward trajectories. 

 

 

 

 

 

GOLD

Bullish momentum in the metal remains subdued as buying activities have failed to produce a break of the 1904.89 resistance line. A trading range exists between the 1904.89 and 2001.77 price levels, yet it remains to be seen if Gold can return to this consolidative range. Momentum indicators have upward trajectories. 

 

 

 

 

 

OIL

WTI is beginning to pullback towards the $30 per barrel range once again. Despite selling pressure remaining moderate, the commodity is moving back to a previous support area at the 36.93 price level. Bullish rebounds have general taken place at this price point and strong bearish sentiment seems unjustified. Momentum indicators remain in bearish territory.